The Human and Environmental Development Agenda (HEDA), a civil society group, has asked President Muhammadu Buhari to order an investigation into the allegation stolen N500 billion in the Central Bank of Nigeria (CBN).An audiotape of an intercom telephone conversation between Godwin Emefiele, CBN governor; Adamu Lamatek, the deputy governor of the apex bank, and other top officials CBN, was leaked [...]
Tag "Emefiele"
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Godwin Emefiele, governor of the Central Bank of Nigerians (CBN), says currency speculators, betting on a fall of the naira, will lick their wounds again.Speaking at the 2018 Annual Bankers Dinner in Lagos, Emefiele said some people are already betting on the fall of the local currency, following a drop in naira at the parallel market this week.The governor said [...]
Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), says Nigeria tops other African countries in remittances inflows and is among the top five globally.He did not give a figure, but said African countries received $72billion in remittances in 2017.Checks by TheCable showed that the World Bank report being quoted saw Nigeria receive $22 billion in remittances in 2017 [...]
Defending the naira has become more expensive as Nigeria's foreign reserves declined by $2.2 billion in October 2018 alone -- the largest monthly drop since 2015.Data from the Central Bank of Nigeria (CBN) has shown that the reserves shed $2,243,157,059 in October, moving from $44,305,099,104 on the last working day of September to $42,061,942,045 as at October 30, 2018.The country's foreign [...]
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), says the nation's foreign reserves have risen to $38.2 billion, its highest point in 39 months.Emefiele made this known on Tuesday while commissioning Unilever Plc’s 10,000 metric tonnes Blue Band factory in Agbara, Ogun state.“We have seen reserves move up from the $23 billion I talked about in October 2016, but [...]
Nigeria's foreign exchange reserves has shed a total of $493.72 million in the past 21 days.According to data from the Central Bank of Nigeria (CBN), the country's reserves swung from $30,988,403,724 on May 4, 2017 to $30,494,680,050 as at the close of business on Thursday May 25.Within the same period, the CBN made numerous interventions in the foreign exchange market [...]
The Nigerian economy remains in its worst recession in 29 years!The National Bureau Statistics confirmed this on Tuesday, as it released the gross domestic product (GDP) report for the first quarter of 2017, which showed that the economy contracted by 0.52 percent year-on-year.NBS adds that this particular contraction of 0.52 percent is the best performance in four quarters, compared to [...]
Following Tuesday’s assurances by Godwin Emefiele, the CBN says it will continue to intervene in the foreign exchange market, as it injected $185.86 million into the retail Secondary Market Intervention Sales (SMIS).Isaac Okorafor, the bank’s acting director in charge of corporate communications, while confirming the auction sale, disclosed that out of the auctioned amount, only $3.14million was sold as spots, [...]
Two weeks after opening a special foreign exchange window for small and medium enterprises (SMEs), the Central Bank of Nigeria has opened yet another window for investors and exporters.A circular issued by the CBN on Friday disclosed that the purpose of the window was to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions.The [...]
Like Nigeria, the global economy is on a path to growth, riding on the wings of rising commodity prices and trade policies. This growth may be stunted by the protectionism in the US, Brexit realities in the UK, and geopolitical shocks emanating from Syria, Russia, and North Korea.The business and finance world -- as led by the World Bank and [...]
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), Audu Ogbeh, minister of agriculture, visited the first rice mill to "conceptualized, executed and to be commissioned" under President Muhammadu Buhari administration.The rice processing mill with 120,000 metric tonnes capacity in Argungu, Kebbi State by WACOT Rice Limited, a member of the TGI Group aims to ensure food security and [...]
The naira dramatically recovered on Wednesday to 405 per dollar, less than 24 hours after the Central Bank of Nigeria (CBN) monetary policy committee (MPC) meeting.In Abuja, the naira is currently trading between 405 to 410 per dollar, while the British pound is going for 520/523 -- all at the parallel market.For Lagos, Nigeria's commercial capital, traders are selling at [...]
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), on Tuesday revealed that the CBN would not float the naira.Instead, he said the bank would continue with a managed float regime."The reserves today, I am happy to say is $28.9 billion," Emefiele said."It is exciting to see this happen, but is there a need to float the naira? It [...]
There is no doubt that 2016 has been a terrific year for the Nigerian economy. With biting recession, ailing naira, spiking inflation and fluctuating oil prices, Africa’s largest economy lost and regained its spot as the continent’s economic powerhouse.In spite of these challenging times, Nigeria made some progress in its ease of doing business. According to the World Bank Doing [...]
The Nigerian foreign exchange (forex) reserves have been on the increase for four consecutive weeks, TheCable can report.According to latest data from the Central Bank of Nigeria (CBN), the reserves have been on the rise for at least 24 days.At the beginning of November, the reserves stood at $23.95 billion but had risen by $657.7 million as of Friday, November 25, [...]
The naira fell to an all-time low of 436 to a single dollar on Thursday at the parallel market, as scarcity of the greenback continues to hurt the forex market.Foreign exchange reserves also touched a new 11-year low of $24.76 billion on Wednesday, the lowest since June 2005.The British pound, and the European flagship currency, euro, traded at N555 and [...]
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